With the Cambodian housing market emerging as a tough commercial battleground that swarms with cheap home-sellers, dabbling in the business can be downright challenging—especially if you are a neophyte. If you do not know your way around the market, you can unwittingly commit a lot of mistakes, which in turn can transform your home-selling venture into a massive disaster.
Here are a handful of slip-ups you must avoid if you are a first-time seller who hopes to dodge the worst-case scenario:
1. Getting too emotionally involved in the process
It can be difficult to emotionally detach yourself from your home, more so if you toiled hard day and night to get the means to secure it. There is a good chance that the property has practically been an extension of yourself throughout the years you spent living in it. But once you have made up your mind to put it in the market, you must stand up and perform the role of the businessman out and out. For instance, you might have loved how those walls were perfectly coated with peach-hued paint, but some people may not share the same opinion as you. Your best course of action is to repaint the walls a neutral colour so potential buyers can imagine themselves filling the space with their own personalities. (Read Also: Exclusive IPS Real Estate Market Report)
2. Setting a highly unrealistic price
While it may be true that you spent a fortune when securing your home, it does not necessarily mean that you should tag it the same amount when you decide to sell it. Not all things appreciate in value over the years. One of the best ways to know if you are overpricing your home is to seek the help of Cambodian real estate experts like Independent Property Services (IPS). From Phnom Penh and other places across the country, we offer property valuation and advisory services that will equip clients with information on—among others—competitors and overall market dynamics that may affect both the property’s current and future value.
3. Neglecting necessary repairs before selling
No home is ever perfect, so there really is no use keeping those minor property-related skeletons in the closet. Do not lie to interested parties. Instead of hiding things that needed fixing, just do the right thing and make the effort to repair them ahead of the buyer’s property inspection, whether they are leaking faucets or holes in walls. The buyer might offer less or ask for credit back for the stuff that needs to be done before the deal closes.
See also: Preparing for your First Home Sale in Cambodia
4. Not decluttering your house prior to sale
Letting potential buyers peek at your house littered or strewn around with your things can be detrimental to closing a good deal with them. Again, make the buyers feel like they are welcome to move into the place; if your stuff is still around, you are practically saying the house is still yours. Be sure to take out your personal things before inspection time.
5. Negotiate and not getting offended
There is a big chance that you will encounter a buyer who will offer you an incredibly low ball price for your property. Do not get slighted by this; remember that you are a businessman and not the sentimental owner of your home. Be calm and negotiate fairly. You will need to bookmark these important links to market value reviews for top locations in Phnom Penh: Toul Tum Poung, Tonle Bassac, Toul Kork, Daun Penh, Psar Douem Thkov, Wat Phnom, Chroy Chongva .
KH